Sun. Apr 14th, 2024

TLDR:

Quaise Energy, a Massachusetts startup, plans to drill 12 miles into the Earth to access a “million-year energy source” that could provide clean, virtually unlimited power worldwide. The project aims to repower fossil-fired power plants using geothermal technology, with the first rig expected to be ready this year and a power plant retrofitted by 2028.

Quaise Energy has secured $40 million in funding for their ambitious geothermal project, which utilizes advanced technology developed at the Massachusetts Institute of Technology. The company plans to drill deeper, hotter, and faster than ever before using a gyrotron device, reaching temperatures of 932 degrees Fahrenheit. This technology could potentially replace traditional energy sources and reduce the impact on the environment.

The company aims to reemploy oil and gas crews and use less land than solar and wind projects while producing energy with minimal waste. With the support of investors like Safar Partners, Quaise Energy is optimistic about the future of clean, renewable energy and its potential to address the global energy transition challenges faced by humanity.